Kevin O’Rourke gets it just right
I'm not one for really long quotes on this blog, but O'Rourke's post today deserves to be clipped and remembered. The comments are not worth reading. O'Rourke quietly, but angrily, gets it just right: capital walks away scot free."[T]he real cleavage in Europe is between European taxpayers and bank creditors (with the ECB being a third interested party, as another body which could help to fill the holes which have emerged in the European banking system).